CBLS vs. ORR

Last updated Jun 3, 2026

CBLS (Changebridge Capital Long/Short Equity ETF) and ORR (Militia Long/Short Equity ETF) are both Long-Short funds. Both are actively managed. Over the past year, CBLS returned 20.95% vs 26.34% for ORR. At a 0.33 correlation, their price movements are largely independent. CBLS charges 1.95%/yr vs 14.19%/yr for ORR.

Performance

CBLS vs. ORR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Changebridge Capital Long/Short Equity ETF (CBLS) and Militia Long/Short Equity ETF (ORR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBLS achieves a 24.17% return, which is significantly higher than ORR's 5.30% return.

CBLS

• 1D: 3.27%
• 1M: 9.60%
• YTD: 24.17%
• 6M: 23.40%
• 1Y: 20.95%
• 3Y*: 19.86%
• 5Y*: 5.73%
• 10Y*: —

ORR

• 1D: 1.24%
• 1M: 0.62%
• YTD: 5.30%
• 6M: 8.24%
• 1Y: 26.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CBLS vs. ORR - Yearly Performance Comparison

	2026 (YTD)	2025
CBLS Changebridge Capital Long/Short Equity ETF	24.17%	-0.84%
ORR Militia Long/Short Equity ETF	5.30%	32.15%

Correlation

The correlation between CBLS and ORR is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (All Time) Calculated using the full available price history since Jan 16, 2025	0.33

Return for Risk

CBLS vs. ORR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CBLS

CBLS Risk / Return Rank: 42
CBLS Sharpe Ratio Rank: 38
CBLS Sortino Ratio Rank: 37
CBLS Omega Ratio Rank: 38
CBLS Calmar Ratio Rank: 54
CBLS Martin Ratio Rank: 41

ORR

ORR Risk / Return Rank: 54
ORR Sharpe Ratio Rank: 57
ORR Sortino Ratio Rank: 57
ORR Omega Ratio Rank: 54
ORR Calmar Ratio Rank: 56
ORR Martin Ratio Rank: 46

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CBLS vs. ORR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Changebridge Capital Long/Short Equity ETF (CBLS) and Militia Long/Short Equity ETF (ORR). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	CBLS	ORR	Difference
Sharpe ratio Return per unit of total volatility	1.38	1.96	-0.58
Sortino ratio Return per unit of downside risk	1.94	2.74	-0.80
Omega ratio Gain probability vs. loss probability	1.25	1.34	-0.09
Calmar ratio Return relative to maximum drawdown	2.71	2.84	-0.13
Martin ratio Return relative to average drawdown	6.61	7.76	-1.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CBLS vs. ORR - Sharpe Ratio Comparison

The current CBLS Sharpe Ratio is 1.38, which is comparable to the ORR Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of CBLS and ORR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CBLS	ORR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	1.96	-0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	1.78	-1.15

Drawdowns

CBLS vs. ORR - Drawdown Comparison

The maximum CBLS drawdown since its inception was -32.78%, which is greater than ORR's maximum drawdown of -9.85%. Use the drawdown chart below to compare losses from any high point for CBLS and ORR.

Drawdown Indicators

	CBLS	ORR	Difference
Max Drawdown Largest peak-to-trough decline	-32.78%	-9.85%	-22.93%
Max Drawdown (1Y) Largest decline over 1 year	-8.15%	-9.85%	+1.70%
Max Drawdown (3Y) Largest decline over 3 years	-15.27%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.24%	—	—
Current Drawdown Current decline from peak	0.00%	-7.96%	+7.96%
Average Drawdown Average peak-to-trough decline	-12.80%	-2.16%	-10.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	3.61%	-0.27%

Volatility

CBLS vs. ORR - Volatility Comparison

Changebridge Capital Long/Short Equity ETF (CBLS) has a higher volatility of 7.08% compared to Militia Long/Short Equity ETF (ORR) at 4.02%. This indicates that CBLS's price experiences larger fluctuations and is considered to be riskier than ORR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBLS	ORR	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.08%	4.02%	+3.06%
Volatility (6M) Calculated over the trailing 6-month period	12.62%	10.90%	+1.72%
Volatility (1Y) Calculated over the trailing 1-year period	15.29%	13.55%	+1.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.64%	15.34%	+0.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.13%	15.34%	+0.79%

CBLS vs. ORR - Expense Ratio Comparison

CBLS has a 1.95% expense ratio, which is lower than ORR's 14.19% expense ratio.

Dividends

CBLS vs. ORR - Dividend Comparison

CBLS's dividend yield for the trailing twelve months is around 0.72%, while ORR has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
CBLS Changebridge Capital Long/Short Equity ETF	0.72%	0.90%	0.73%	0.44%
ORR Militia Long/Short Equity ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBLS and ORR in my portfolio?

CBLS and ORR have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CBLS or ORR?

CBLS has higher volatility (7.08%) compared to ORR (4.02%). In terms of maximum drawdown, CBLS dropped -32.78% vs ORR's -9.85%.

Which ETF is better, CBLS or ORR?

On 1-year performance, ORR leads with 26.34% vs 20.95% for CBLS. On fees, CBLS is cheaper at 1.95% per year. On volatility, ORR has been the lower-risk option at 4.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CBLS or ORR?

Over the 1-year period, ORR has performed better with a 26.34% return vs 20.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CBLS or ORR?

CBLS is cheaper with a 1.95% expense ratio, compared with 14.19% for ORR.

Which ETF pays a higher dividend yield, CBLS or ORR?

CBLS has the higher dividend yield at 0.72%, compared with 0.00% for ORR.

What is the main difference between CBLS and ORR?

They also come from different issuers: Changebridge Capital LLC and Militia Investments. Their fees differ too: 1.95% for CBLS and 14.19% for ORR.

Which has better risk-adjusted returns?

ORR currently has the higher Sharpe Ratio (1.96 vs 1.38), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.